Posted on 06/16/2022 7:46:14 AM PDT by Jan_Sobieski
Unfunded state pension liabilities have climbed to $8.28 trillion, or nearly $25,000 for every person in the United States, according to a new report from the American Legislative Exchange Council.
The American Legislative Exchange Council released the latest edition of its report on pensions in all 50 states Thursday. The report, "Unaccountable and Unaffordable 2021," shows just a handful of states with outsize pension liabilities account for a large share of overall pension debt in the U.S.
The report looked at 290 state-administered government pension plans and their assets and liabilities from fiscal year 2012 to fiscal year 2020. An example of state-administered government pension plans in Illinois would cover state employees, teachers, university workers, judges and lawmakers.
The states with the most unfunded liabilities were California ($1.53 trillion), Illinois ($533.72 billion), Texas ($529.70 billion), New York ($508.70 billion) and Ohio ($429.53 billion). These five states alone account for more than $3.5 trillion in unfunded liabilities, or about 43% of all unfunded liabilities in the U.S.
The bottom 10 states make up $4.9 trillion, or 59.36% of all unfunded liabilities, according to the ALEC report. On a per capita basis, the bottom five state were Alaska ($42,829), Illinois ($41,656.79), Connecticut ($40,427.58), Hawaii ($39,939.43), New Jersey ($39,849.02) and California ($38,713.16)…
(Excerpt) Read more at justthenews.com ...
Underfunded Liabilities are the problem to the answer of COVID-19 and Euthanasia Vaccines
And when do the bankruptcies start for folks who are getting their interest rates jacked up from trying to survive using credit? You know it’s coming. House of branDUHn cards getting shaky.
screw-em, they’ve kicked the can all the way to the end of the road...
The center cannot hold.
These underfunded liabilities are only for those that still have defined benefit plans.
Of course the current stock market crash is killing defined contribution plans, which will delay retirements (including mine.)
are the taxpayers liable for the government workers who vote themselves pension increases and then have their union bosses rob them blind?
sorry you put your trust in government... good day.
> Unfunded state pension liabilities grow to $8.28 trillion <
A Democrat president: No problemo. The federal government will bale you out.
A Republican president: Fix your own liability problems. Good luck.
So, yeah. Elections matter.
NY probably lost another 25% this week. So it`s maybe minus 150%.. It appears to be quite mismanaged...They lost 25% a few years back, never recovered from it-—
The Feds can print money. The states can't.
Not my problem, sorry, this is government mismanagement of astounding proportions, again.
The markets are down hard again so far today.
Meh. Once those Covid jabs kick in as planned the cost units to the state will begin to come down. Actuarial have already begun to pick up on the shift.
Yep. They can go back to work just like everyone else. And we can find out how many of those back injuries are real.
And what rough beast (Trump?) comes slouching toward Bethlehem...
“Most governments have moved to defined contribution plans, and away from defined benefit plans. These underfunded liabilities are only for those that still have defined benefit plans.”
For new employees. Defined benefit plans are grandfathered in for older workers and retirees.
Trump?
It’s a reference to his refusal to be the polite and effete candidate that the Never Trumpers want in a candidate.
...might be quite large
...but the circle is small
...why not tell us all
...and then all of us will know
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